A crypto analyst predicts that two of the top altcoin Ethereum’s biggest rivals will rally. He also says that the bounce of the leading crypto Bitcoin (BTC) will be harder than traders think.
2 altcoins that Sherpa thinks will recover
A crypto analyst nicknamed Altcoin Sherpa is looking at three cryptocurrencies for a short-term rally. He predicts if and when these cryptos can break out of the persistent market downtrend. Analyst, hourly to daily high timeframe [HTF] says in his charts that altcoins do not see incentives. However, he notes that there may be temporary upside potential for certain projects.
The analyst thinks that both Cosmos (ATOM) and layer-1 scaling solution NEAR Protocol (NEAR) can be successful. In this context, he makes the following assessment:
The HTF market structure is still incredibly bearish for many altcoins. But if we see some more cutting/grinding + these subtype patterns playing, I think we will see some short term bullishness. Some potential double bottoms/(cup and handle)/etc. for now there is some kind of graph there.
Altcoin Sherpa then takes a look at Ethereum (ETH) rival NEAR. In this context, he shares the graphic below. At press time, NEAR Protocol was trading at $3.50, up 5.29% on a daily basis.
“A move up to $30,000 is likely for Bitcoin”
The analyst then moves on to the leading crypto Bitcoin. cryptocoin.comAs you follow, Bitcoin has been following a downward trend for more than six months. The analyst says he predicts another BTC rally, reflecting BTC’s rise in late March and early April. Sherpa makes the following statement regarding his prediction:
Each consolidation resulted in a breakdown on the high timeframe charts. Will it be the same this time? There will be another bear market rally similar to March/April 2022. I don’t know when/where (or how high) it will be.
The analyst then says that it is possible for Bitcoin to go up to $30,000 during the next rise. Sherpa comments accordingly:
You are really looking for a bear market rally where the price will potentially rise more than you think. It’s likely to be like a move up to $30,000. I don’t know if he has the strength to get there, but that’s a scenario I followed.
“However, Bitcoin may see a drop to $12,000”
The analyst identifies $12,000 as a low potential bear cycle for Bitcoin. He also notes that the price of BTC may ultimately be determined solely by the equity markets rather than its value or demand. Sherpa explains his predictions as follows:
This last bearish retest we saw in late March was the last true bearish test we saw. All that remained was consolidation, collapse, consolidation, collapse. We are now in the consolidation phase. We’re definitely likely to see another drop to $12,000 or anywhere. But it will be another bear market rally. I don’t know how it will look or how strong it will be. But as I said, I think it will depend heavily on stocks. Unfortunately, that’s really the nature of the business.
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